The Market Common

The Market Common

Market Common District
Location Myrtle Beach, South Carolina, U.S.
Coordinates 33°40′12″N 78°56′23″W / 33.6700°N 78.9398°W / 33.6700; -78.9398Coordinates: 33°40′12″N 78°56′23″W / 33.6700°N 78.9398°W / 33.6700; -78.9398
Opening date April 2008
Developer McCaffery Interests
Owner BEI-Beach LLC
Architect Antunovich Associates
No. of stores and services 48
Website www.marketcommonmb.com

The Market Common (sometimes known as Market Common or Market Common District) is a 114-acre (0.46 km2) lifestyle center located in Myrtle Beach, South Carolina.

History

The Market Common opened up in 2008 and is part of the Myrtle Beach International Airport complex that became civilian after the closure of the Air Force Base that was shared with the airport. It competes mainly with nearby shopping complexes Coastal Grand Mall and Broadway at the Beach. The complex has a 'town like' atmosphere, the center has townhomes, small stores and restaurants. Many of the streets in the district are named after former Myrtle Beach Air Force Base Wing and Base Commanders, or other notable Air Force members who were assigned to the base. Also scattered throughout Market Common are small memorial information signs noting historical facts about the base.

Foreclosure and Sale

On May 11, 2010, JPMorgan Chase claimed in a foreclosure suit that LUK-MB1 LLC owed $105 million and was no longer making payments on the construction loan for The Market Common. Jones Lang LaSalle, as receiver, managed the complex. 37 of 55 businesses were on a "watch list", meaning they had asked for or could get reductions in rent, or that they had to meet certain conditions to stay in the center.[1]

An attorney representing the receiver said in a written statement that The Market Common was sold to BEI-Beach LLC, incorporated in Delaware on Dec. 27.[2]

HomeFed Corp.’s acquisition of BEI-Beach LLC

On April 23, 2013, it was reported by The Sun News that a California-based real estate investor and developer HomeFed Corp has acquired BEI-Beach LLC, who owns The Market Common and the undeveloped land around it, as well as other subsidiaries of Leucadia National Corp. Myrtle Beach city official say that the deal could lead to development moving forward quicker on some of BEI-Beach LLC's vacant property. Nothing will change at The Market Common as BEI-Beach will remain owner of the 6 year old shopping and entertainment center that is located on the former Myrtle Beach Air Force Base. "Management will stay the same, and no changes to the stores or other operations are planned as a result of the deal," said Brooke Doswell, The Market Common’s general manager.[3][4]

Parks

Savannah's Playground

Savannah's Playground, located at the adjacent Grand Park Recreation Complex, is Myrtle Beach's first year-round playground accessible to disabled children. Groundbreaking on the $3 million four-acre project took place in August 2015 with a targeted first phase completion of January 2016. It is named for Savannah Thompson, who has Williams Syndrome and supravalvular aortic stenosis but has become the ambassador for Grand Strand Miracle Leagues. The city will run the park.[5] A nonprofit organization headed by the city mayor was not able to raise all of the stated $1.5 million in private funds required to complete the first phase and construction slowed to a snail's pace over the winter and early spring of 2016 until the City Council redirected $350,000 in real estate TIF funds towards the park to complete the first phase.[6] Opened September 3, 2016,[7] it is believed to be the largest park of this type in the East.[8][9]

References

  1. ↑ Saldinger, Adva (September 1, 2010). "Buyers browse Market Common in Myrtle Beach". The Sun News. Archived from the original on January 1, 2011. Retrieved September 1, 2010.
  2. ↑ Spring, Jake (January 8, 2011). "The Market Common in Myrtle Beach sold out of foreclosure". The Sun News. Archived from the original on January 11, 2011. Retrieved January 8, 2011.
  3. ↑ Bryant, Dawn (April 23, 2014). "California company acquires subsidiaries that own The Market Common, vacant land around it". The Sun News. Retrieved April 23, 2014.
  4. ↑ Ulbrandt, Laura. "Press Release: Leucadia National Corporation to Increase Stake in HomeFed Corporation to 65% i n Exchange for Real Estate Holdings and Cash" (PDF). Leucadia National Corporation. Retrieved April 23, 2014.
  5. ↑ "Work continues on building a destination playground in Myrtle Beach that all can enjoy". The Sun News. 23 January 2016.
  6. ↑ Jones, Jana (May 17, 2016). "Council could approve $350,000 today for Savannah’s playground". WBTW. Retrieved September 8, 2016.
  7. ↑ "Savannah's Playground Officially Opens". The Sun News. September 3, 2016. Retrieved September 8, 2016.
  8. ↑ "Savannah's playground grand opening set for Sept. 3". WPDE. August 11, 2016. Retrieved September 8, 2016.
  9. ↑ Bradley, Justin (August 22, 2016). "Savannah’s Playground to open Sept. 3". WBTW. Retrieved September 8, 2016.
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